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Jaswanth Jegan

Founder-Hexpertify.c... • 1y

“Pump and Dump stock Price Scheme ” Big Fat Corporate Scandal #4 Satyam Computers Scam Satyam Computers was founded by Ramalinga Raju as software development and IT consulting company in 1987.The company was listed on both the Indian stock exchanges and the New York Stock Exchange. The company’s revenues were overstated by fake invoices, profits were inflated by manipulating expenses,Cash balances and bank deposits were fabricated, creating a false impression of liquidity and financial health,liabilities were understated, and loans were taken without proper disclosure. The motive of this scam is to maintaining the company’s stock price.In 2009 Raju admitted inflating the company’s financial statements of approximately ₹7,000 crore he claimed that the fraud was out of control and was unable to cover it up any longer.Raju was sentenced to seven years in prison for commiting fraud. In 2013 Tech mahinda acquired Satyam Computers.

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